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Stocks - Coty Surges in Premarket on KKR Hair Care Deal
Published May 11, 2020 09:18AM ET
© Reuters.
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Monday, May 11th.
- Under Armour (NYSE:UA) stock was down 7.8% after the sports apparel maker reported a 23% drop in revenue in the first three months of the year.
- Coty (NYSE:COTY) stock was up 13.5% after the company said private equity firm KKR is negotiating with it to buy a 60% in its hair-care business at an enterprise value of $4.3 billion. KKR will pay an initial $750 million for its stake.
- Marriott International (NASDAQ:MAR) stock fell 3.3% after the hotel group reported earnings fell over 90% in the first quarter due to pandemic-related factors.
- It said room occupancy had stabilized at lower levels in April.
- Cardinal Health (NYSE:CAH) stock was up 7.8% after the company beat expectations for profit in the first quarter and raised its dividend.
- AMC Entertainment (NYSE:AMC) stock was up 61.4% after the Main Online website alleged that the troubled movie theater operator was in talks with Amazon (NASDAQ:AMZN). AMC had not commented on the report at the time of writing.
- Tesla (NASDAQ:TSLA) stock was down 2.4% after industry association data showed sales of its Model 3 fell 64% in China in April. Overall vehicle sales rebounded 5.5%, their first year-on-year gain in two years.
- Separately, Tesla founder and CEO Elon Musk threatened to relocate production from California to Texas in protest at the former’s lockdown restrictions, which have so far stopped it from re-opening.
- Quidel (NASDAQ:QDEL) stock rose 16.7% after former FDA chief Scott Gottlieb called the company’s test for an antigen to the Covid-19 virus “a game-changer” on CBS on Sunday.
- The test received emergency approval from the FDA on Friday.
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